Avolon reports 34% increase in first quarter adjusted net income

Avolon, the international aircraft leasing company, announced results for the first quarter of 2015. Net Income for the quarter was up 36% to US$49m versus the first quarter 2014, while adjusted net income was up 34% to US$62m versus 2014. Avolon sold aircraft in the first quarter with a net book value of US$145m at a gain of US$14.6m or 10% premium to net book value. The company delivered eight aircraft to five airlines based in five countries in the first quarter and signed US$841m of new sale and leaseback commitments, representing 19 aircraft.